Renting my primary residence
I have a house I bought in 10/2007. I may have to move to another state to find work. I don't want to sell as I will have to take a loss and would like to keep the place and retire here. PIT is 1400.00/mo. with 28+ years left. Income around 70K. I will be renting myself at new location. I was thinking of renting the place out while I am gone and let a management company look after it. Probably could get 800/mo. after management fees.
Anyway, questions are will I still be able to deduct my taxes and interest in full as usual? It would still be my only house, just not be living in it or the state. What if I just leave it vacant and not rent it out and call it a vacation house, all the while having to rent in my new location. If not what IRS pub explains all this?
Last edited by dignot : 07-17-2009 at 09:35 PM.